Staff working papers

• When Bad Things Happen to Good Banks: Contagious Bank Runs and Currency Crises

  Staff Working Paper 2004-18 Raphael Solomon

  The author develops a twin crisis model featuring multiple banks.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Exchange rates, Financial institutions JEL Code(s): E, E5, E58, F, F3, F30, G, G2, G21

• International Cross-Listing and the Bonding Hypothesis

  Staff Working Paper 2004-17 Michael R. King, Dan Segal

  The authors describe a new view of cross-listing that links the impact on firm valuation to the firm's ability to develop an active secondary market for its shares in the U.S. markets.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Financial markets, International topics JEL Code(s): G, G1, G12, G15

• The Effects of Economic News on Bond Market Liquidity

  Staff Working Paper 2004-16 Chris D'Souza, Charles Gaa

  The authors contrast the impact of two sources of information flow on the volatility of prices, trading activity, and liquidity in the brokered interdealer market for Government of Canada bonds.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Debt management, Financial markets, Market structure and pricing JEL Code(s): G, G1, G14

• The Bank of Canada's Business Outlook Survey: An Assessment

  Staff Working Paper 2004-15 Monica Martin, Cristiano Papile

  Since the autumn of 1997, the Bank of Canada's regional offices (located in Halifax, Montréal, Toronto, Calgary, and Vancouver) have conducted consultations with businesses across Canada on a quarterly basis. These consultations are now referred to as the Business Outlook Survey (BOS).

  Content Type(s): Staff research, Staff working papers Research Topic(s): Business fluctuations and cycles, Domestic demand and components JEL Code(s): E, E3, E32, E6, E66

• National Saving–Investment Dynamics and International Capital Mobility

  Staff Working Paper 2004-14 Florian Pelgrin, Sebastian Schich

  The authors analyze the dynamics of national saving–investment relationships to determine the degree of international capital mobility.

  Content Type(s): Staff research, Staff working papers Research Topic(s): International topics JEL Code(s): C, C2, C23, F, F3, F31

• Contraintes de liquidité et capital humain dans une petite économie ouverte

  Staff Working Paper 2004-13 Florian Pelgrin

  In an overlapping-generations model that represents a small open economy, where agents live two periods, liquidity constraints lead to low economic development when the only accumulable factor is human capital.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Economic models JEL Code(s): I, I2, I20, O, O4, O40

• Durées d'utilisation des facteurs et fonction de production : une estimation par la méthode des moments généralisés en système

  Staff Working Paper 2004-12 Eric Heyer, Florian Pelgrin, Arnaud Sylvain

  Although a number of studies have demonstrated the importance of the degree of factor utilization in economic analysis, the impact of the durations of utilization in a production function remains largely unknown, particularly in terms of the duration of equipment utilization.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Economic models JEL Code(s): C, C3, C33, D, D2, D24, J, J2, J23

• Estimating New Keynesian Phillips Curves Using Exact Methods

  Staff Working Paper 2004-11 Lynda Khalaf, Maral Kichian

  The authors use simple new finite-sample methods to test the empirical relevance of the New Keynesian Phillips curve (NKPC) equation.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Econometric and statistical methods, Inflation and prices JEL Code(s): C, C1, C13, C5, C52, E, E3, E31

• Public Venture Capital and Entrepreneurship

  Staff Working Paper 2004-10 Oana Secrieru, Marianne Vigneault

  Entrepreneurship is a key factor in promoting growth in output and employment. Consequently, to encourage new start-ups, most governments in developed countries have public venture capital programs.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Financial markets, Fiscal policy, Labour markets JEL Code(s): D, D2, G, G2, G24, G28, J, J2, J24, M, M1, M13

• Estimating Policy-Neutral Interest Rates for Canada Using a Dynamic Stochastic General-Equilibrium Framework

  Staff Working Paper 2004-9 Jean-Paul Lam, Greg Tkacz

  In an era when the primary policy instrument is the level of the short-term interest rate, a comparison of that rate with some equilibrium rate can be a useful guide for policy and a convenient method to measure the stance of monetary policy.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Interest rates JEL Code(s): C, C3, C32, E, E3, E37